Illinois Developer Plans New Central Eastside Portland Self-Storage
Banner Hosford Storage acquired nearly 1.3 acres at 627 SE Division Place for $5M and is planning to develop a 126K SF self-storage facility on the site, which is in the Central Eastside Industrial District. It will be the latest in a rush of self-storage development in the Portland market.
“Even though there are multiple projects in the Portland area, it's still a strong market for self-storage development," CBRE first vice president Cara Nolan said.
That is due to continued and projected population growth, coupled with the reduction of living space as Portland pushes for higher density, she said.
According to a CBRE report published last fall, Portland is No. 6 in the country in terms of unmet demand for self-storage facilities. Nolan repped Banner Hosford Storage, which is part of the Illinois-based Banner Real Estate Group.